7 ways to save money the right way

 Modern life increasingly requires more and more expenses to serve individual needs. Therefore, the larger the family, the heavier the financial pressure. However, if you know how to save and spend properly, money will no longer be a burden that makes you often worry.

1. Make a spending budget

Whether your income is high or low, if you want to manage your expenses effectively, you can't skip the budgeting step. Budgeting allows you to spend with a plan, within a set limit. Avoid overspending, have to borrow money to meet consumption needs. Especially for low and middle income families.

2.The 50/30/20 Rule 

You might consider dividing your spending budget according to the 50/30/20 rule as follows: 50% for essential expenses such as rent, meals, electricity and water, etc. 30% for personal expenses such as watching movies, traveling, etc. 20% for financial goals such as saving, paying debts, etc.

3.Method 6 jars 

With this method of T. Harv Eker, monthly income will be divided into 6 jars with the following functions: 55% for essential spending: food, housing, transportation, etc. 10% for education and training: studying, buying books, etc. 10% for saving: long-term savings, emergency fund,... 10 % for enjoyment: shopping, entertainment, travel,... 10% for financial freedom: investment, retirement fund, etc. 5% for charity.

4.Monitor revenue and expenditure Once you've made a budget, try to stick to your budget. 

For better money management, it is necessary to track monthly income and expenditure. You will know how your money is being used. From there, there is a suitable adjustment. Every day, list all your expenses in a notebook, create an excel file on your computer or use the revenue and expenditure apps available on your phone.

5.Make a list before shopping to save money 

Before going to the market or shopping, make a list of all the products that you need. This not only helps you reduce shopping time, but also limits the situation of "overstretching your hands".

6.Don't get caught up in promotions Promotions always have a special attraction for everyone. Discounts, gifts, buy 1 get 1 free... are the ways brands and supermarkets attract consumers. However, don't just buy it because it's cheap. Need to think: What use is that item? Is it suitable for me or not? Then decide to buy. The item is cheap, but if it can't be used, it also becomes a waste.

7.Borrowing restrictions 

Debts not only make you feel pressured about money, but also affect the process of achieving financial goals. Therefore, should minimize borrowing money to spend.

This is my opinion.